₦airaland Forum

Notorious Ponzi Scheme Operator, Umanah Umanah Jailed 20 Years in Uyo

The Uyo Zonal Command of the Economic and Financial Crimes Commission, EFCC, on March 8, 2022 secured the conviction and sentencing of a notorious Ponzi scheme operator, Umanah Umanah before Justice Agatha Okeke of the Federal High Court sitting in Uyo, Akwa Ibom State.
Umana’s nightmare started in 2020 when he was arrested by operatives of the EFCC following a petition by one of his victims, who alleged that Umanah swindled him of over N2.9million (Two million, Nine Hundred Thousand Naira) and subsequently issued him a N500, 000. 00 (Five hundred Thousand Naira) cheque, which was dishonored by the bank because the account was not funded.
During investigation, the Commission discovered that the defendant lured his victims through bogus promises of return on investment of up to 50% in seven days through his company, No Burn Global Limited, with a network in several states of the federation.
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70 years old man!

Greed keeps making Nigerians fall for stuffs as this.... How could he have made 50% in 7 days??

At this age?This one just wan suffer at his old age.

the grandmaster of Nigerian ponzi

I heard about this man

pennywys:
I heard about this man

In pH those days

verifiablefacts:
In pH those days

Yea

Umanah Umanah was talked of the town

My uncle told me how people closed their account in different banks and turn up to Umanah Umanah bank




I'm surprised to know he still alive till date

Good, Yahoo boys should be on the same page.

The man is a legend. Started hearing about him 24 years ago